March 21, 2023

Switzerland will tighten control over cryptocurrency operations

Switzerland will tighten control over cryptocurrency operations

The Swiss Financial Markets Supervisory Authority (FINMA) has adopted a provision according to which any cryptocurrency transactions worth more than $ 1000 cannot be anonymous.

Tighter control is associated with compliance with the requirements of the June FATF directives.

The new provision will enter into force on January 1.next year along with new laws on financial services and financial institutions. From now on, all Swiss cryptocurrency operators will need to collect data on everyone who intends to complete a transaction of more than $ 1,000. Organizations will be required to regularly pass this information on to the authorities.

Financial Action Teammoney laundering has initiated a limit reduction to reduce the use of uncontrolled digital assets in the shadow sector. The new FATF requirements have also become one of the reasons for the postponement of the adoption of the CFA Law in Russia.

In addition, the FATF plans to create a global monitoring system for cryptocurrency operations.